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EQT (EQT) investor relations material

EQT Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary17 Jul, 2025

Executive summary

  • Strong H1 performance with exit volumes more than tripling year-over-year, driven by €13bn in exits and robust fundraising, including EQT Infrastructure VI closing at €21.5bn and BPEA IX reaching $11.4bn.

  • Fundraising assets under management (FAUM) rose to €141bn as of June 2025, with key funds performing on or above plan and resilient exit activity despite market volatility.

  • CEO transition completed, with Per Franzén appointed and leadership focused on organizational agility, value creation, and strategic growth.

  • Private wealth offerings expanded to 20+ countries, with new evergreen vehicles and broadened distribution.

  • Inclusion in OMX Stockholm 30 Index as of July 2025, now among the largest Swedish companies listed.

Financial highlights

  • Adjusted revenue for H1 2025 was €1,340m, up 23% from €1,088m in H1 2024; adjusted EBITDA reached €806m, margin 60%.

  • Fee-generating AUM increased to €141bn, with gross inflows of €15bn in H1 2025.

  • Realized returns: 2.3x weighted average across key funds over the past twelve months.

  • Management fees effective rate at 1.41%, with a material step-up expected as new funds activate.

  • Carried interest and investment income rose to €191m in H1, up from €41m in H1 2024.

Outlook and guidance

  • Targeting ~€100bn in new fundraising during the current cycle, with 60-85% from institutional investors and 15-40% from private wealth.

  • Fee-related EBITDA margin target of 55%+ at completion of the fundraising cycle, underpinned by ongoing fundraising and scaling initiatives.

  • Next step-up in management fees expected as new funds are activated in 2026, with full-year effect in 2027.

  • Total OpEx growth rate expected to be single digits in 2026, reflecting efficiency measures.

  • Focus remains on scalable growth, operational efficiencies, and expanding presence in Asia and the US.

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Frequently asked questions

EQT is a leading global private equity firm focused on buyout investments. The firm manages over EUR 18.9 billion in equity capital and has committed additional capital of around EUR 3 billion through funds managed by its associated companies. It takes majority, minority or non-controlling positions and invests with partners through JVs or directly into companies.

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